MERCHANT OF VENICE ACT 1 SCENE 3

Bassanio gets his loan of three thousand ducats from a Jewish moneylender named Shylock. The price for not paying the debt back is high, namely a pound of flesh from Antonio, but Antonio is not worried. His ships (and wealth) come back a month before the debt is due...

Back in Venice, Bassanio secures his three thousand ducats from a rich Jewish moneylender named Shylock. Shylock is reluctant to have Antonio secure the loan since Shylock explains Antonio's ships and wealth are at sea on his ships and are at risk from pirates and "the peril of waters, winds, and rocks" (Lines 12-28).

Shylock when asked to dine with Antonio, significantly refuses, explaining that while he will do business with Antonio, walk, buy, sell and talk with him, he will not drink, dine or pray (Shylock is Jewish, Antonio is Christian) with him (Lines 32-40).

Shylock hates Antonio intensely and has little love for Bassanio. Shylock in particular resents Antonio for being "Christian;" (Line 43), for lending money without charging interest which lowers the interest rate in Venice that Shylock can lend money out on, for hating Shylock's "sacred nation," (Line 49) and for criticizing Shylock for charging interest on loans which Shylock considers to be good business.

Shylock has not yet decided if he will charge interest noting that Antonio has always pledged neither to lend nor borrow money with interest and tells the story of Jacob and his flock of sheep. Antonio insults Shylock by asking if interest was charged (Line 76).

Shylock calculates the interest he will charge but does not name a figure (Lines 104-108), noting how Antonio now asks for money from a man Shylock considers was seen as a "dog" in Antonio's eyes (Lines 108-138).

Antonio tells Shylock to make the terms of the loan those he would give to an enemy (Line 136).

Feigning friendship now towards Antonio, Shylock agrees to lend the money without interest to prove his sincerity (Lines 138-143).

However there is a catch; if Bassanio does not repay the debt within the specified two months, Shylock who hates Antonio can by agreement, cut from him a pound of flesh.

Bassanio does not like this but Antonio assures him that when his ships return he expects a "return [profit] / Of thrice three times the value of this bond [three thousand ducats]" (Line 160).

Shylock notes that a pound of flesh is not nearly as valuable as "flesh of muttons, beefs, or goats" (Line 168), adding that he makes this offer in friendship (Lines 144-152).

Emphasizing that Shylock is not serious about the pound of flesh, Shylock urges Antonio and Bassanio to meet with him at the "notary's; [an official]" to inform this man of "this merry [silly humorous] bond," after which Shylock promises to deliver the ducats immediately.

Bassanio, suspicious of the "merry bond," does not like his friend taking such a risk for him but Antonio is not worried since as he says, "My ships come home a month before the day" (my ships and wealth return a month before the debt is due), (Line 183).

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